Vale's profits take a hit

BRAZILIAN major Vale has reported a 16% drop in profits, which the company said was still a solid performance in the face of the most severe economic downturn since World War II. Meanwhile, the major has also charted its continuing move away from the iron ore benchmark system.

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Vale reported first quarter gross revenues of $US5.4 billion, 27.2% less than the $US7.4 billion in the fourth quarter of last year, while its earnings before interest and taxes came to $1.

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